Victor Company Received $3,200 from a Customer in March of the Current

question 271

Multiple Choice

Victor Company received $3,200 from a customer in March of the current year as an advance payment on services. At the end of the year, $1,400 worth of services have been provided. The year-end adjusting entry that Victor should make to account for the revenue earned is:

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Definitions:

Sales Representatives

Individuals tasked with selling products or services to customers, focusing on meeting sales targets and enhancing customer relationships.

Diverse People

Individuals of various backgrounds, cultures, ethnicities, beliefs, and experiences contributing to a rich and varied community or workforce.

Business Performance

The measure of a company's ability to achieve its goals and objectives, typically evaluated through financial and operational indicators.

Supports Diversity

Encourages a range of different backgrounds, perspectives, and talents within a group or organization, valuing inclusivity.